ChainCatcher news reports that the Hong Kong Financial Reporting Council (FRC) has submitted the upcoming fiscal year’s budget to the Hong Kong Legislative Council, proposing a 3.5% salary increase to support regulatory work in key and emerging areas such as artificial intelligence (AI) and virtual assets, and suggesting the addition of 15 new positions.
According to reports, the Hong Kong FRC previously released a report stating that companies involved in virtual asset trading are considered emerging industry projects and will be among the inspection targets. Additionally, auditors currently face challenges including verifying ownership and existence of virtual assets, valuation complexities, increased fraud risks, and the lack of unified accounting standards for virtual assets.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Warren Targets Trump-Linked Crypto Bank Bid
Sen. Elizabeth Warren is pushing regulators to block Trump-linked World Liberty Financial's bank charter over concerns about foreign ownership and potential corruption, demanding full disclosure of major stakeholders amidst rising tensions in crypto oversight.
CryptoFrontNews1h ago
Tether Freezes $4.2 Billion in USDt Over Three Years as Global Crypto Crackdown Intensifies
Tether froze 4.2 billion USDt in three years as regulators increased scrutiny on crypto crime.
USDt supply fell by $2.7 billion in two months marking the sharpest drop since 2022.
Authorities relied on Tether to blacklist wallets and restrict funds linked to fraud.
Stablecoin issuer Teth
CryptoNewsLand4h ago
What signals did the US SEC send behind the new 2% discount regulation for stablecoins?
The U.S. Securities and Exchange Commission (SEC) issued guidance on payment stablecoins on February 19, allowing broker-dealers to treat stablecoins with a 2% discount when calculating net capital, thereby giving them a legitimate status in capital calculations. This adjustment helps to integrate stablecoins into the mainstream financial system and promotes digital asset trading and services. Peirce's statement and the GENIUS Act could potentially change the market landscape, although federal and state frictions still exist. Nonetheless, this move paves the way for regulatory integration of stablecoins.
区块客4h ago
David Sacks Calls on Banks After Crypto Policy Shift
David Sacks calls for cooperation between the crypto industry and banks, highlighting existing tensions over stablecoin yield programs. He urges banks to compromise as crypto firms have already made adjustments. Ongoing negotiations may lead to a unified financial system.
Coinfomania9h ago
Former Mt. Gox CEO proposes hard fork to recover $5.2 billion USD worth of Bitcoin from the 2011 theft
Mark Karpelès, the former CEO of the crypto exchange that filed for bankruptcy, Mt. Gox, has just announced a proposal to execute a hard fork of Bitcoin to recover approximately 79,956 BTC — worth over $5.2 billion at current prices — from a "sleeping" address linked to the exchange's 2011 hack.
The proposal is to...
TapChiBitcoin10h ago
Minnesota considers legislation to ban counterfeit cryptocurrency vending machines
Minnesota is facing issues with scam cryptocurrency vending machines, and law enforcement agencies recommend legislation to ban these devices, while crypto industry stakeholders advocate for increased regulation. The scam machines particularly target low-income seniors, resulting in severe losses for many victims. Although relevant laws have been enacted, their effectiveness is limited, and there are differing opinions among parties on how to prevent scams.
ChainNewsAbmedia11h ago
